CSICL(601989) 长江证券·2024-09-09 06:39Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is benefiting from the recovery trend in oil tankers, achieving continuous bulk orders in large oil tankers, large container ships, and bulk carriers, which enhances its market competitiveness and profitability in shipbuilding [5][6]. - The Chinese shipbuilding industry is experiencing an upward trend, with a full order book and significant supply chain pressures leading to tight capacity. The recent acquisition of assets such as Gangzhou Shipbuilding is expected to increase capacity and strengthen order intake and delivery capabilities [5][6]. - The company has secured 68 bulk orders for civil ships in the first half of 2024, totaling 11.67 million deadweight tons and 43.6 billion yuan, representing year-on-year growth of 83.8%, 230.6%, and 130.2% respectively [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 22.102 billion yuan, a year-on-year increase of 31.05%, and a net profit attributable to shareholders of 532 million yuan, up 177.13% [5]. - In Q2 2024, revenue reached 11.935 billion yuan, with a year-on-year growth of 18.84%, and a net profit of 397 million yuan, reflecting a 215.97% increase [5]. Market Position - The company has established a strong position in the market with over 90% of its main ship types being bulk orders, and over 60% of new orders being for green ships, further enhancing its competitive advantage [5][6]. - The company’s large LNG carriers and oil and bulk carriers have achieved bulk orders, with the Dalian Shipbuilding signing multiple VLCC and LNG dual-fuel VLCC contracts, capturing 28% of the global new VLCC orders [5][6]. Industry Outlook - The global shipbuilding industry is on an upward trend, with the new ship price index reaching 187.2 points as of June 2024, and the company is expected to benefit significantly from this cycle [6]. - The company is projected to achieve net profits of 1.983 billion yuan and 4.034 billion yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 57 times and 28 times [6].